An insurtech start-up has launched the UK’s first fully digital pay-as-you-go life insurance.

Dead Happy said it is on a mission to make it simpler to get protection that meets users needs.

Its life insurance is priced annually based on a customer’s current age and risk level – not a prediction about their risk of dying across the next 20 years.

The company is introducing what it calls ‘deathwishes', a way of helping customers express what they want to happen when they die.

This can be financially led, such as paying off a mortgage, or more personal, such as buying someone an annual season ticket for their football team or arranging someone to take the bins out for their partner.

“Traditional life insurance is overpriced, complex and dull. People are paying over the odds as a result,” said Phil Zeidler, DeadHappy co-founder.

“Our philosophy is different – you’re far less likely to die when you’re younger, this means you should pay less. It’s pretty simple.

“We’re making this possible for the first time in the UK. We’re also trying to break new ground in how death is talked about, to help people plan for what happens when they die – without resorting to ‘project fear’.

“Death is never going to be the top of anyone’s list of favourite pub conversations, but we hope to at least make it a more approachable, less daunting conversation to have.”

The company is backed with £1.5m seed investment led by Octopus Ventures. The company is also supported by strategic partnerships with industry heavyweights including Covéa and GenRe.

As a result, the company is on a mission to make it simpler for everyone, particularly the 8.1 million Brits who don’t have life insurance, to get some kind of protection that meets their needs at the right price.